With Memorial Day behind us, the traditionally moderate summer selling season has begun. But we're feeling more like a late Spring season right now. Activity is pretty brisk. I'm writing an offer with clients this afternoon for a Sunnyvale house just under $800,000, and multiple offers are expected.
The entry level is hot...short on listing inventory and high on Buyer demand...but while most of the sales are taking place in lower price ranges, we are seeing increased activity in the mid-priced markets, too. This is a domino effect; a turnaround begins with the lower price range homes and once that sector of the market is stabilized, we begin to see changes in the mid and upper price ranges. The upper end, while most recently seeing increased activity, still is considered a Buyer’s market. This seems to be fairly consistent in major Metros on both coasts.
Historically speaking, the week of Memorial Day quiets things down in the housing market but this year it is different. Thanks to the $8,000 first time home buyer credit, low interest rates and increased affordability, buyers in the first time home buyer market are out in droves and really are snatching up properties. It seems they have been pushing activity into the mid and higher price ranges as well. If it is truly a late Spring flurry this year, we could be in for a very busy Summer.
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